Big Oil's Big Profits

Oil companies are raking in record profits driven up by surging prices for crude oil. Royal Dutch Shell on Tuesday said its net profit rose 25 percent on income of $9.08 billion for the quarter that ended March 31. BP posted a 63 percent jump in net profit for the quarter. Meanwhile, the price of gas nationally averaged $3.60 a gallon on Monday, according to the Energy Department. "In order to protect working families, Congress must, among other things, impose a windfall profits tax on Big Oil,

Oil companies are raking in record profits driven up by surging prices for crude oil. Royal Dutch Shell on Tuesday said its net profit rose 25 percent on income of $9.08 billion for the quarter that ended March 31. BP posted a 63 percent jump in net profit for the quarter. Meanwhile, the price of gas nationally averaged $3.60 a gallon on Monday, according to the Energy Department. "In order to protect working families, Congress must, among other things, impose a windfall profits tax on Big Oil," Senator Bernie Sanders said.

"Outrageously high gas and oil prices imperil not only the well being of millions of Americans, but our entire economy," he added.

Paying for gasoline tops the list of economic woes facing American families, according to a new survey. About 44 percent of those surveyed by the Kaiser Family Foundation said paying for gasoline was a "serious problem" for them.

To take our poll on gas prices, click here.

To read the Associated Press article on these profits, click here.